Qualcomm Announces First Quarter Fiscal 2014 Results

SAN DIEGO, Jan. 30, 2014 /PRNewswire/ -- Qualcomm Incorporated (Nasdaq: QCOM), a leading developer and innovator of advanced wireless technologies, products and services, today announced results for the first quarter of fiscal 2014 ended December 29, 2013.

"We are pleased with the start to our fiscal year, with record results in quarterly revenues, device sales reported by licensees and MSM chip shipments," said Dr. Paul E. Jacobs, Chairman and CEO of Qualcomm. "Looking forward, we expect our performance to reflect the continued strong global growth of smartphones, our chipset leadership position and our competitive strengths in 3G/4G technologies and products."

Return of capital to stockholders: $1.59 billion, including $1.00 billion through repurchases of 14.2 million shares of common stock and $590 million, or $0.35 per share, of cash dividends paid.

(1) The gain on the sale of Omnitracs recorded in the first quarter of fiscal 2014 is presented as discontinued operations. Throughout this news release, revenues, operating expenses, operating income, earnings before tax (EBT) and effective tax rates are from continuing operations (i.e., before adjustments for noncontrolling interests and discontinued operations), unless otherwise stated.

(2) Throughout this news release, net income and diluted earnings per share are attributable to Qualcomm (i.e., after adjustments for noncontrolling interests and discontinued operations), unless otherwise stated.

September quarter estimated 3G/4G device shipments: approximately 276 to 280 million units, at an estimated average selling price of approximately $219 to $225 per unit.

Cash and Marketable Securities

Our cash, cash equivalents and marketable securities totaled $31.6 billion at the end of the first quarter of fiscal 2014, compared to $28.4 billion a year ago and $29.4 billion at the end of the fourth quarter of fiscal 2013. On January 22, 2014, we announced a cash dividend of $0.35 per share payable on March 26, 2014 to stockholders of record as of the close of business on March 5, 2014.

Research and Development

($ in millions)

Non-GAAP

QSI

Share-Based Compensation

Acquisition-Related Items

GAAP

First quarter fiscal 2014

$ 1,152

$ 2

$ 173

$ 1

$ 1,328

As % of revenues

17%

20%

First quarter fiscal 2013

$ 949

$ 1

$ 156

$ —

$ 1,106

As % of revenues

16%

18%

Year-over-year change ($)

21%

N/M

11%

N/M

20%

N/M - Not Meaningful

Non-GAAP research and development (R&D) expenses increased 21 percent y-o-y primarily due to an increase in costs to develop CDMA-based 3G, OFDMA-based 4G LTE and other technologies for integrated circuit and related software products and to expand our intellectual property portfolio.

Selling, General and Administrative

($ in millions)

Non-GAAP

QSI

Share-Based Compensation

Acquisition-Related Items

GAAP

First quarter fiscal 2014

$ 517

$ 3

$ 96

$ 7

$ 623

As % of revenues

8%

9%

First quarter fiscal 2013

$ 468

$ 7

$ 105

$ 7

$ 587

As % of revenues

8%

10%

Year-over-year change ($)

10%

N/M

(9%)

N/M

6%

N/M - Not Meaningful

Non-GAAP selling, general and administrative (SG&A) expenses increased 10 percent y-o-y primarily due to increases in employee-related expenses and selling and marketing expenses, partially offset by a decrease in costs related to litigation and other legal matters.

Effective Income Tax Rates

Our fiscal 2014 annual effective income tax rates are estimated to be approximately 18 percent for GAAP and approximately 17 to 19 percent for Non-GAAP, both of which include an estimate of the United States federal R&D tax credit expected to be generated through December 31, 2013, the date on which the credit expired. The first quarter of fiscal 2014 effective income tax rates were 18 percent for both GAAP and Non-GAAP.

Business Outlook

The following statements are forward looking, and actual results may differ materially. The "Note Regarding Forward-Looking Statements" in this news release provides a description of certain risks that we face, and our annual and quarterly reports on file with the Securities and Exchange Commission (SEC) provide a more complete description of risks.

Our outlook does not include provisions for future asset impairments or for pending legal matters, other than future legal amounts that are probable and estimable. Further, due to their nature, certain income and expense items, such as realized investment and certain derivative gains or losses, cannot be accurately forecast. Accordingly, we only include such items in our business outlook to the extent they are reasonably certain; however, actual results may vary materially from the business outlook.

Our outlook for fiscal 2014 diluted earnings per share includes an estimate of the benefit related to approximately $3 billion in stock repurchases that we plan to complete over the remainder of fiscal 2014 under our current stock repurchase program.

The following table summarizes GAAP and Non-GAAP guidance based on the current business outlook. The Non-GAAP business outlook presented below is consistent with the presentation of Non-GAAP results included elsewhere herein.

Qualcomm's Business Outlook Summary

SECOND FISCAL QUARTER

Q2 FY13

Results

Current Guidance

Q2 FY14 Estimates

Revenues

$6.12B

$6.1B - $6.7B

Year-over-year change

even - increase 9%

Non-GAAP diluted earnings per share (EPS)

$1.17

$1.15 - $1.25

Year-over-year change

decrease 2% - increase 7%

Diluted EPS attributable to QSI

$0.02

$0.00

Diluted EPS attributable to share-based compensation

($0.12)

($0.12)

Diluted EPS attributable to acquisition-related items

($0.05)

($0.04)

Diluted EPS attributable to tax items

$0.04

N/A

GAAP diluted EPS

$1.06

$0.99 - $1.09

Year-over-year change

decrease 7% - increase 3%

Metrics

MSM chip shipments

173M

180M - 195M

Year-over-year change

increase 4% - 13%

Total reported device sales (1)

approx. $61.1B*

approx. $66.5B - $72.5B*

Year-over-year change

increase 9% - 19%

*Est. sales in December quarter, reported in March quarter

FISCAL YEAR

FY 2013

Results

Prior Guidance

FY 2014 Estimates (2)

Current Guidance

FY 2014 Estimates (2)

Revenues

$24.87B

$26.0B - $27.5B

$26.0B - $27.5B

Year-over-year change

increase 5% - 11%

increase 5% - 11%

Non-GAAP diluted EPS

$4.51

$4.95 - $5.15

$5.00 - $5.20

Year-over-year change

increase 10% - 14%

increase 11% - 15%

Diluted EPS attributable to QSI

$0.02

($0.03)

$0.00

Diluted EPS attributable to share-based compensation

($0.51)

($0.51)

($0.51)

Diluted EPS attributable to acquisition-related items

($0.16)

($0.16)

($0.16)

Diluted EPS attributable to tax items

$0.04

N/A

N/A

GAAP diluted EPS

$3.91

$4.25 - $4.45

$4.33 - $4.53

Year-over-year change

increase 9% - 14%

increase 11% - 16%

Metrics

Est. fiscal year* 3G/4G-based device average selling price range (1)

approx. $223 - $229

approx. $216 - $230

approx. $216 - $230

*Shipments in Sept. to June quarters, reported in Dec. to Sept. quarters

CALENDAR YEAR Device Estimates (1)

Prior Guidance Calendar 2013

Estimates

Current Guidance

Calendar 2013

Estimates

Prior Guidance

Calendar 2014

Estimates

Current Guidance

Calendar 2014

Estimates

Est. 3G/4G device shipments

March quarter

approx. 244M - 248M

approx. 244M - 248M

not provided

not provided

June quarter

approx. 260M - 264M

approx. 260M - 264M

not provided

not provided

September quarter

not provided

approx. 276M - 280M

not provided

not provided

December quarter

not provided

not provided

not provided

not provided

Est. calendar year range (approx.)

1,075M - 1,125M

1,080M - 1,120M

1,220M - 1,300M

1,220M - 1,300M

Est. calendar year midpoint (approx.) (3)

1,100M

1,100M

1,260M

1,260M

(1) Total reported device sales is the sum of all reported sales in U.S. dollars (as reported to us by our licensees) of all licensed CDMA-based, OFDMA-based and CDMA/OFDMA multimode subscriber devices (including handsets, modules, modem cards and other subscriber devices) by our licensees during a particular period (collectively, 3G/4G devices). The reported quarterly estimated ranges of average selling prices (ASPs) and unit shipments are determined based on the information as reported to us by our licensees during the relevant period and our own estimates of the selling prices and unit shipments for licensees that do not provide such information. Not all licensees report sales, selling prices and/or unit shipments the same way (e.g., some licensees report selling prices net of permitted deductions, such as transportation, insurance and packing costs, while other licensees report selling prices and then identify the amount of permitted deductions in their reports), and the way in which licensees report such information may change from time to time. Total reported device sales, estimated unit shipments and estimated ASPs for a particular period may include prior period activity that was not reported by the licensee until such particular period.

(2) Our prior and current outlook for FY 2014 diluted earnings per share includes an estimate of the benefit related to stock repurchases that we plan to complete during the fiscal year. FY 2014 guidance also reflects an annual effective tax rate that includes an estimate of the United States federal R&D tax credit expected to be generated through December 31, 2013, the date on which the credit expired.

(3) The midpoints of the estimated calendar year ranges are identified for comparison purposes only and do not indicate a higher degree of confidence in the midpoints.

(1) Non-GAAP reconciling items related to revenues consisted primarily of nonreportable segment revenues less intersegment eliminations. Non-GAAP reconciling items related to earnings before taxes consisted primarily of certain costs of equipment and services revenues, research and development expenses, sales and marketing expenses, other operating expenses and certain investment income or losses and interest expense that are not allocated to the segments for management reporting purposes; nonreportable segment results; and the elimination of intersegment profit.

(2) During the first quarter of fiscal 2014, as a result of the reassessment of management reporting, the Qualcomm Wireless & Internet (QWI) segment was eliminated. Revenues and operating results for the divisions that comprised the QWI segment are included in Non-GAAP reconciling items. Prior period information has been adjusted to conform to the current presentation.

(3) At fiscal year end, the sum of the quarterly tax provision (benefit) for each column equals the annual tax provision (benefit) for each column computed in accordance with GAAP. In interim quarters, the sum of these provisions (benefits) may not equal the total GAAP tax provision, and this difference is allocated to tax provisions (benefits) among the columns.

(4) During the first quarter of fiscal 2014, a gain of $665 million was recorded associated with the sale of substantially all of the operations of our Omnitracs division.

N/M - Not Meaningful

N/A - Not Applicable

Sums may not equal totals due to rounding.

Conference Call

Qualcomm's first quarter fiscal 2014 earnings conference call will be broadcast live on January 29, 2014, beginning at 1:45 p.m. Pacific Time (PT) at http://investor.qualcomm.com/events.cfm. This conference call will include a discussion of "Non-GAAP financial measures" as defined in Regulation G. The most directly comparable GAAP financial measures and information reconciling these Non-GAAP financial measures to the Company's financial results prepared in accordance with GAAP, as well as other financial and statistical information to be discussed on the conference call, will be posted at www.qualcomm.com/investor immediately prior to commencement of the call. An audio replay will be available at http://investor.qualcomm.com/events.cfm and via telephone following the live call for 30 days thereafter. To listen to the replay via telephone, U.S. callers may dial (855) 859-2056 and international callers may dial (404) 537-3406. Callers should use reservation number 31476192.

Note Regarding Use of Non-GAAP Financial Measures

The Non-GAAP financial information presented herein should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. In addition, "Non-GAAP" is not a term defined by GAAP, and as a result, the Company's measure of Non-GAAP results might be different than similarly titled measures used by other companies. Reconciliations between GAAP and Non-GAAP results are presented herein.

The Company uses Non-GAAP financial information (i) to evaluate, assess and benchmark the Company's operating results on a consistent and comparable basis; (ii) to measure the performance and efficiency of the Company's ongoing core operating businesses, including the QCT (Qualcomm CDMA Technologies) and QTL (Qualcomm Technology Licensing) segments; and (iii) to compare the performance and efficiency of these segments against each other and against competitors. Non-GAAP measurements of the following financial data are used by the Company: revenues, cost of equipment and services revenues, R&D expenses, SG&A expenses, operating income, net investment income, income or earnings before income taxes, effective tax rate, net income, diluted earnings per share, operating cash flow and free cash flow. The Company is able to assess what it believes is a more meaningful and comparable set of financial performance measures for the Company and its business segments by using Non-GAAP information. As a result, management compensation decisions and the review of executive compensation by the Compensation Committee of the Board of Directors focus primarily on Non-GAAP financial measures applicable to the Company and its business segments. The Company presents Non-GAAP financial information to provide greater transparency to investors with respect to its use of such information in financial and operational decision-making.

QSI is excluded because the Company expects to exit its strategic investments at various times, and the effects of fluctuations in the value of such investments and realized gains or losses are viewed by management as unrelated to the Company's operational performance.

Share-based compensation expense primarily relates to restricted stock units. Certain share-based compensation is excluded because management views such expenses as unrelated to the operating activities of the Company's ongoing core businesses. Further, the fair values of share-based awards are affected by factors that are variable on each grant date, which may include the Company's stock price, stock market volatility, expected award life, risk-free interest rates and expected dividend payouts in future years.

Acquisition-related items include amortization and impairment of certain intangible assets, recognition of the step-up of inventories to fair value and the related tax effects of these items starting with acquisitions completed in the third quarter of fiscal 2011, as well as any tax effects from restructuring the ownership of such acquired assets. Additionally, the Company excludes expenses related to the termination of contracts that limit the use of the acquired intellectual property. These acquisition-related items are excluded and are not allocated to the Company's segments because management views such expenses as unrelated to the operating activities of the Company's ongoing core businesses. In addition, these charges are impacted by the size and timing of acquisitions, potentially obscuring period-to-period comparisons of the Company's operating businesses.

Certain tax items that are unrelated to the fiscal year in which they were recorded are excluded in order to provide a clearer understanding of the Company's ongoing Non-GAAP tax rate and after tax earnings.

About Qualcomm

Qualcomm Incorporated (Nasdaq: QCOM) is a world leader in 3G, 4G and next-generation wireless technologies. Qualcomm Incorporated includes Qualcomm's licensing business, QTL, and the vast majority of its patent portfolio. Qualcomm Technologies, Inc., a wholly-owned subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of Qualcomm's engineering, research and development functions, and substantially all of its products and services businesses, including its semiconductor business, QCT. For more than 25 years, Qualcomm ideas and inventions have driven the evolution of digital communications, linking people everywhere more closely to information, entertainment and each other. For more information, visitwww.qualcomm.com .

Note Regarding Forward-Looking Statements

In addition to the historical information contained herein, this news release contains forward-looking statements that are inherently subject to risks and uncertainties, including but not limited to statements regarding our expectations for our performance to reflect continued strong global growth of smartphones, our chipset leadership position and our competitive strengths in 3G/4G technologies and products; stock repurchases that we plan to complete over the remainder of fiscal 2014 under our current stock repurchase program; our business outlook; and our estimates and guidance related to revenues, GAAP and Non-GAAP diluted earnings per share, MSM chip shipments, total reported device sales, 3G/4G device average selling price ranges and 3G/4G device shipments, ranges and midpoints. Forward-looking statements are generally identified by words such as "estimates," "guidance," "expects," "anticipates," "intends," "plans," "believes," "seeks" and similar expressions. Actual results may differ materially from those referred to in the forward-looking statements due to a number of important factors, including but not limited to risks associated with the commercial deployment of CDMA, OFDMA and other communications technologies, continuing growth in our customers' and licensees' sales of products and services based on these technologies and our ability to continue to drive customer demand for our products and services based on these technologies; competition; our dependence on a small number of customers and licensees; the continued and future success of our licensing programs; attacks on our licensing business model, including current and future legal proceedings or actions of governmental or quasi-governmental bodies or standards or industry organizations; the enforcement and protection of our intellectual property rights; the commercial success of our new technologies, products and services; claims by third parties that we infringe their intellectual property; our dependence on a limited number of third-party suppliers; our stock price and earnings volatility; government regulations and policies; acquisitions, strategic transactions and investments; global economic conditions that impact the mobile communications industry; foreign currency fluctuations; and failures in our products or services or in the products of our customers, including those resulting from security vulnerabilities, defects or errors. These and other risks are set forth in the Company's Annual Report on Form 10-K for the fiscal year ended September 29, 2013 and Quarterly Report on Form 10-Q for the first quarter ended December 29, 2013 filed with the SEC. Our reports filed with the SEC are available on our website at www.qualcomm.com. We undertake no obligation to update, or continue to provide information with respect to, any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.

Qualcomm and MSM are trademarks of Qualcomm Incorporated, registered in the United States and other countries. All other trademarks are the property of their respective owners.

(a) Included a $444 million loss, or $0.20 per share, that resulted from an impairment charge on certain property, plant and equipment related to our QMT division, a $16 million goodwill impairment charge related to our QRS division and a $12 million charge related to the ParkerVision verdict.

(b) Included $156 million in interest and dividend income, $126 million in net realized gains on investments and $6 million in net gains on derivatives, partially offset by $30 million in other-than-temporary losses on investments and $3 million in interest expense.

(c) Included $19 million in net realized gains on investments, partially offset by $7 million in other-than-temporary losses on investments, $2 million in net losses on derivatives and $1 million in equity in losses of investees.

Sums may not equal totals due to rounding.

Reconciliation of Non-GAAP Tax Rates to GAAP Tax Rates (a)

($ in millions)

(Unaudited)

Three Months Ended December 29, 2013

Non-GAAPResults

QSI

Share-Based Compensation

Acquisition-Related Items

GAAP Results

Income (loss) from continuing operations before income taxes

$ 2,103

$ 4

$ (281)

$ (69)

$ 1,757

Income tax (expense) benefit

(370)

(1)

55

3

(313)

Income (loss) from continuing operations

$ 1,733

$ 3

$ (226)

$ (66)

$ 1,444

Tax rate

18%

25%

20%

4%

18%

(a) At fiscal year end, the sum of the quarterly tax provision (benefit) for each column equals the annual tax provision (benefit) for each column computed in accordance with GAAP. In interim quarters, the sum of these provisions (benefits) may not equal the total GAAP tax provision, and this difference is allocated to tax provisions (benefits) among the columns.

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Okay, let me get this out there: I find the term “Citizen Data Scientist” confusing. Gartner defines a “citizen data scientist as “a person who creates or generates models that leverage predictive or prescriptive analytics but whose primary job function is outside of the field of statistics and analytics.” While we teach business users to “think like a data scientist” in their ability to identify ...

Nerdio is an IT-as-a-service platform with virtual desktop infrastructure (VDI) technology at its core. It is designed for IT departments that need a way to easily manage their ever-increasing workloads. Nerdio allows users to efficiently manage their complete IT environments by giving them full visibility and control of users’ desktops. In addition to virtual desktops, the platform includes unlim...

Reality itself is going through a digital transformation thanks to leaps in 3D rendering and the crunch-speed motion feedback data. Although the modern definition of virtual reality (VR) has been making promises for three decades, the emphasis was always on the potential. Now it’s here. This is a tour of the state of VR in 2016 and where developers are taking it as VR spreads far beyond the world ...

SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends i...

Cloud computing budgets worldwide are reaching into the hundreds of billions of dollars, and no organization can survive long without some sort of cloud migration strategy. Each month brings new announcements, use cases, and success stories.